market-summery-7nov

Summary of the Market

On November 0​​6, the benchmark Nifty Index rose by 1.12% to close at 24484.1. The Nifty Midcap150 Index rose by 2.09% to close at 21298.5. The Nifty Smallcap250 Index rose by 1.88% to close at 18027.2. The Nifty Total Market Index rose by 1.57%to close at 12995.0. The 10yr yield ​remained unchanged at 6.8%. The rupee lost 0.25%to close at 84.32 against the US Dollar.

Important Notables

  • Indian automobile and consumer goods companies, including Maruti Suzuki, Bajaj Auto, and ITC, experienced growth in exports, with overseas sales on the rise, reports ET.
  • India's services sector experienced a resurgence in October, fueled by strong demand and rising sales, according to the HSBC India Services Purchasing Managers' Index, reports ​E​T.
  • The Union Cabinet has approved an equity infusion of ₹10,700 crore into the Food Corporation of India for working capital in FY 2024-25, reports ​F​E.
  • India's GDP growth is projected to slow to 6.5% in the second quarter of FY25, down from 6.7% in the first quarter, due to a deceleration in high-frequency indicators, according to a report by SBI economists, reports ​F​E.
  • In the second quarter of FY25, the three oil marketing companies—IOCL, BPCL, and HPCL—reported weak earnings due to lower gross refining margins and under-recoveries on LPG, reports ​F​E.
  • The rupee declined by 0.20% on Wednesday, reaching a new low of 84.28 per dollar, its steepest single-day drop since June 20 this year. Despite this, it remained the second-best-performing Asian currency after the Hong Kong dollar, reports ​B​S.
  • The RBI revised KYC norms to align with recent amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, reports ​B​S.
  • India’s battery storage sector is set for a boom, with capacity expected to grow 12-fold to 60 GW by FY32, reports ​B​L.

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